FAQ

What if I need additional money while I am still paying off my current funding?

You may be able to receive additional funds with a current funding. Contact your Account Manager at The Business Backer for details.

Is TBB a Merchant Cash Advance company?

The Business Backer is not a Merchant Cash Advance company.  Rather, we have taken concepts from traditional lending, factoring, and merchant cash advance and married the ideas to create a flexible source of working capital with limited personal liability. We do offer an option similar to a merchant cash advance, if that is a better option for your business, but our customers are not required to be affiliated with any specific credit card processing company.

What fees/costs are involved?

Fees may vary depending on the product chosen. See your Business Backer Funding Advisor for details.

How quickly will I receive the funding?

Once you accept our offer of funding, typical closing times are only a few business days.

How is this different from bank financing?

In addition to the individual attention given during our qualification process, the closing process is much quicker than closing on bank financing, and our funding options are traditionally shorter in payment terms (1 – 15 months).

What are the rates?

The Business Backer’s factor rates are the most competitive in the industry. Rates are determined on an individual basis as your business moves through the qualification process.

I have bad credit/bankruptcy/tax liens. Will I qualify?

With True Relationship Financing from The Business Backer, we look at ALL aspects of your business, not just the information provided by a credit bureau.  If you have a low credit score and/or legal items we will work with you to determine the status and if we are able to move forward.

How much will I qualify for?

Our funding model is based on multiple criteria to determine your business’s minimum and maximum qualified amount.  We analyze multiple factors such as annual revenue, industry risk and credit score in addition to your story and business needs. We will create a solution to help you grow your business with a manageable repayment structure.

What are the basic requirements?

As long as your business has a minimum of one year in operation and $180k in annual gross revenue, we will begin our prequalification process.  From here, one of our Funding Advisors will start a discussion and make a determination if The Business Backer is a good fit for your business.